JM Property 3 Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08141212 (England and Wales)

Unaudited Financial Statements

for the Period 1 April 2017 to 31 December 2017

for

JM Property 3 Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S O T Hookway

REGISTERED OFFICE:

10 Foster Lane

London

EC2V 6HR

REGISTERED NUMBER:

08141212 (England and Wales)

ACCOUNTANTS:

Bourne & Co.

Chartered Accountants

3 Charnwood Street

Derby

Derbyshire

DE1 2GY

FIXED ASSETS

Investment property

3

725,000

720,000

CURRENT ASSETS

Cash at bank

18,951

9,493

CREDITORS

Amounts falling due within one year

14,547

3,142

NET CURRENT ASSETS

4,404

6,351

TOTAL ASSETS LESS CURRENT LIABILITIES

729,404

726,351

CREDITORS

Amounts falling due after more than one year

(362,458

)

(364,405

)

PROVISIONS FOR LIABILITIES

4

(66,475

)

(69,946

)

NET ASSETS

300,471

292,000

CAPITAL AND RESERVES

Called up share capital

5

100

100

Fair value reserve

6

329,053

320,582

Retained earnings

6

(28,682

)

(28,682

)

SHAREHOLDERS' FUNDS

300,471

292,000

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the period ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 19 December 2018 and were signed by:

S O T Hookway - Director

1.	STATUTORY INFORMATION

JM Property 3 Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the period ended 31 December 2017 are the first that are prepared in accordance

with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the

date of transition to FRS 102 Section 1A is 1 April 2016.

Turnover

Turnover is measured at the fair value of the rents received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Investment property

In accordance with Financial Reporting Standard 102 (FRS 102), investment properties are revalued and the

surplus or deficit is transferred to the profit and loss account, and no depreciation is provided in respect of

freehold investment properties. The requirement of the Companies Act 2006 is to depreciate all properties, but

that requirement conflicts with the generally accepted accounting principle set out in FRS 102. The director

considers that to depreciate such properties would not give a true and fair view, but that a true and fair view is

given by following FRS 102 as described above. The effect of this departure from the Companies Act 2006 has

not been quantified because it is impracticable and, in the opinion of the director, would be misleading.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including loans from group

companies are measured initially at fair value, net of transaction cost and are measured subsequently at

amortised cost using the effective interest method, less any impairment.

Financial assets

Short term debtors are measured at transaction price, less any impairment. Other financial assets, including

loans to group companies are measured initially at fair value, net of transactions cost and are subsequently

measured at amortised cost using the effective interest method, less any impairment.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

720,000

Revaluations

5,000

At 31 December 2017

725,000

NET BOOK VALUE

At 31 December 2017

725,000

At 31 March 2017

720,000

Fair value at 31 December 2017 is represented by:

£

Valuation in 2017

725,000

If investment property had not been revalued it would have been included at the following historical cost:

2017

2017

£

£

Cost

329,472

329,472

4.	PROVISIONS FOR LIABILITIES

2017

2017

£

£

Deferred tax

66,475

69,946

Deferred

tax

£

Balance at 1 April 2017

69,946

Provided during period

(3,471

)

Balance at 31 December 2017

66,475

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2017

value:

£

£

100

Ordinary

£1

100

100

6.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2017

(28,682

)

320,582

291,900

Profit for the period

8,471

8,471

Property revaluation transfer

(5,000

)

5,000

-

Deferred tax transfer

(3,471

)

3,471

-

At 31 December 2017

(28,682

)

329,053

300,371

7.	CONTINGENT LIABILITIES

There are fixed and floating charges over the company's assets. The debt in relation to this security is held in the

parent company.

8.	CONTROLLING PARTY

The immediate parent company of JM Property 3 Limited is JMP Finance A Limited, a company incorporated in

Malta with its registered office address at 93, Mill Street, Qormi, QRM 3102, Malta.

The ultimate parent company of JMP Finance A Limited is the Tigerford Product Limited, a company registered

in the Cayman Islands, with its registered office address at Walker House, 87 Mary Street, George Town, KY1-

9005, Grand Cayman, Cayman Islands.

There is no ultimate controlling party.